Korea trade investment promotion agency

Vietnam and Korea trade and investment ties will grow strongly Dug Gyou Bok, deputy director/Asia & Oceania Team and ASEAN specialist of the Korea Trade Investment Promotion Agency (KOTRA), says Vietnam has made use of the ASEAN-Korea Free Trade Agreement (FTA) to spur exports and attract investments from Korea. The Saigon Times Daily spoke with him about FTA-related issues. The Saigon Times Daily: What is the FTA policy of Korea? - Dug Gyou Bok: Korea is very active with other countries. We have FTAs with more than 40 countries. Recently we signed FTAs with the United States and European Union which itself consists of a lot of countries. We should promote our country because, as you can see, the import-export rates from ASEAN to Korea and from Korea to ASEAN are too different. In the first case, the rate is around 50% and 10-15% in the latter case. We just wondered why and eventually realised that many Asian people do not recognize AK-FTA yet. That’s why the Korean … [Read more...] about Vietnam and Korea trade and investment ties will grow strongly

“Bilateral trade in the first three quarters of this year reached USD 47.2 billion and we expect that the figure for the whole year will exceed USD 50 billion, increasing by 100 times from USD 0.5 billion in 1992,” Jaehong said. Investment by Korean firms in Vietnam has also increased significantly, rising to USD 55.8 billion as of September, making it the largest foreign investor in Vietnam, he added. On the occasion of the APEC 2017 Summit held in Da Nang and on the occasion of the 25th anniversary of diplomatic ties between Vietnam and the Republic of Korea, the Korean Ministry of Trade, Industry and Energy (MOTIE) and the Korea Trade-Investment Promotion Agency (KOTRA) co-organized the Vietnam-Korea Business Partnership Forum, hoping the event would create opportunities for businesses of the two countries to co-operate in trade, technology, supporting industries, mergers and acquisitions (M&A), intellectual property rights and social responsibility, he said. … [Read more...] about Vietnam-RoK business forum aims to boost trade, investment

Investment by Korean firms in Vietnam has also increased significantly, rising to US$55.8 billion as of September, making it the largest foreign investor in Vietnam, he added.On the occasion of the APEC 2017 Summit held in Da Nang and on the occasion of the 25th anniversary of diplomatic ties between Vietnam and the Republic of Korea, the Korean Ministry of Trade, Industry and Energy (MOTIE) and the Korea Trade-Investment Promotion Agency (KOTRA) co-organised the Vietnam-Korea Business Partnership Forum, hoping the event would create opportunities for businesses of the two countries to co-operate in trade, technology, supporting industries, mergers and acquisitions (M&A), intellectual property rights and social responsibility, he said.Jaehong also said there were many Korean businesses interested in M&A deals in Vietnam. He hopes that the two countries can co-operate well in M&A activities, through which the two sides can collaborate in technology transfer and joint … [Read more...] about VN-RoK business forum aims to boost trade, investment

HÀ NỘI — A quarter-century of diplomatic relations between Việt Nam and South Korea has yielded impressive progress, especially in investment and trade, said Kim Jaehong, Chairman of the Korea Trade-Investment Promotion Agency (KOTRA) at the Việt Nam-Korea Business Partnership Forum held on Friday in Hà Nội. “Bilateral trade in the first three quarters of this year reached US$47.2 billion and we expect that the figure for the whole year will exceed $50 billion, increasing by 100 times from US$0.5 billion in 1992,” Jaehong said. Investment by Korean firms in Việt Nam has also increased significantly, rising to $55.8 billion as of September, making it the largest foreign investor in Việt Nam, he added. On the occasion of the APEC 2017 Summit held in Đà Nẵng and on the occasion of the 25th anniversary of diplomatic ties between Việt Nam and Korea, the Korean Ministry of Trade, Industry and Energy … [Read more...] about VN-Korea business forum aims to boost trade, investment

The Vietnam - Korea Free Trade Agreement (KVFTA) was signed on May 5, 2015 and officially entered into force on December 20, 2015. To create favourable conditions for businesses and investors of the two countries to effectively capitalise on this FTA, thus boosting bilateral trade and investment, the Government of Korea decided to establish KVFTA Support Centre in Hanoi and Ho Chi Minh City, administered by the Korea Trade-Investment Promotion Agency (KOTRA). On March 4, the Korea-Vietnam FTA Support Centre in Ho Chi Minh City was officially opened and put in operation. On the sidelines of this event, Vietnam Business Forum interviewed Mr Roh In Ho, Vice President of KOTRA. My Chau reports.
Could you please introduce the specific roles and tasks of two Korea-Vietnam FTA Support Centres in HCM City and Hanoi?
The two centres are responsible for providing free consulting and counselling services for Vietnamese and South Korean entrepreneurs and businesses to seek best tariff cut … [Read more...] about EVFTA: Opportunity to Elevate Vietnam – Korea Trade Cooperation

According to a report by the Korea Trade Investment Promotion Agency (KOTRA), investment from South Korea to Vietnam will boom after the ASEAN-South Korea Free Trade Agreement took effect from June 1. KOTRA said that, in 2007, the first year of validity for the FTA, South Korean investment into Vietnam is estimated at US$1.5 billion, mainly for projects of infrastructureconstruction and metallurgy. Although the figure is lower than the record in 2006 with US$2.68 billion, the investment average is predicted to increase about 10 per cent annually. The Vietnamese market will lure many more South Korean businesses in upcoming time thanks to the reduction of both the import tariff rates on materials and equipment to serve production in Vietnam, and the export tariff to the foreign market. In the first quarter this year, South Korea is the largest investor in Vietnam among 30 nations and territories investing in the country, with US$486 million. South Koreans are also keen on the … [Read more...] about South Korea’s Investment to Boom

The future for bilateral trade is bright, says Park Chul Ho, General Director of the Korea Trade-Investment Promotion Agency (KOTRA) in Ha Noi. He was speaking on the occasion of the Korea Expo 2016 taking place in Ha Noi. The Viet Nam-Korea Free Trade Agreement (VKFTA) is expected to boost bilateral trade to US$70 billion in 2020.What are the reasons behind Korean interest and participation in Viet Nam’s retail market?Viet Nam’s retail market is growing rapidly, so it has potential, but it also poses great challenges for investors. The country has seen an average retail growth of 7.3 per cent a year between 2010 and 2015. In 2015, its market value reached US$112 billion, or an annual increase of 10.6 per cent. The modern retail market share accounted for 25 per cent of total retail sales – that is an average increase of 12 per cent between 2010 and 2015.Between 2016 and 2020, retail trade is expected to grow by 12 per cent a year, and its market value to exceed $180 … [Read more...] about Viet Nam-Korea trade ties set to flourish

The Viet Nam-South Korea Free Trade Agreement, which came into effect in December 2015, has given a big boost to economic ties between the two countries, a Korean diplomat told a seminar in HCM City on Thursday.Speaking at a seminar on how to capitalise on the deal, Moon Byung Chul, commercial counsellor at the Republic of Korea consulate general, said bilateral trade was worth US$45.1 billion last year, a year-on-year increase of more than 20 per cent.It grew by 30 per cent in the first seven months of this year to $35.5 billion, he said.Investment by Korean firms in Viet Nam has also gone up significantly, rising to $54 billion as of last June, making it the largest foreign investor in Viet Nam, he added.Yoon Joo Young, director of the Korea Trade-Investment Promotion Agency (KOTRA) in HCM City, said Viet Nam is Korea’s third largest trade partner and the largest investment destination in the ASEAN bloc, with about 4,500 Korean firms operating in the country.Park Hyung Min from … [Read more...] about VN, South Korea trade up 20%

A quarter of a century of diplomatic relations between Vietnam and South Korea has yielded substantial progress, especially in investment and trade, said Bui Huy Son, head of the Ministry of Industry and Trade’s Viet Nam Trade Promotion Department (Vietrade).Two-way trade increased 86 times from US$0.5 billion in 1992 to $43.4 billion last year, he said at a workshop in Ha Noi yesterday. South Korea is Viet Nam’s third largest trading partner, while Viet Nam is Korea’s fourth largest trading partner.In terms of investment, South Korea surpassed Japan to become the largest foreign investor in Viet Nam in November 2014.Cooperation has been boosted further since the free trade agreement between Viet Nam and Korea (VKFTA) went into effect in December, 2015, the director added.Manufacturing sectors are the leading sector of export growth to Korea, enjoying preferential FTA conditions. The sector achieved $5.4 billion in exports in the first six months this year, an … [Read more...] about VN-Korea ties flourishing

HA NOI (VNS) — An exhibition to showcase South Korean products kicked off yesterday in Ha Noi's Keangnam Tower on the occasion of 20 years of diplomatic ties between Viet Nam and South Korea.
The two-day event organised by the Ministry of Knowledge Economy and Korea Trade Investment Promotion Agency (KOTRA) introduced products from more than 40 South Korean enterprises from the information and technology, electronics, cosmetics, foodstuff and household sectors. It also attracted over 200 Vietnamese partners looking for co-operation opportunities.-VNS … [Read more...] about South Korea products take centre stage in Ha Noi